Nikkei pared some of its gains on the strong yen. It hit a high of 37054 and is currently trading around 36310.
Markets eye US Fed monetary policy for further direction.
The index holds below the short-term 34 and above 55 EMA and below the long-term moving average (200- EMA) in the 4-hour chart.
The near-term resistance is around 37147, any violation above will take the index to 37360 (200-4H EMA)/37500/37695/38000—overall bullish continuation only above 42550.
On the lower side, immediate support stands around 36175, any breach below will drag the index down to 36000/35870/35576/35395—further bearishness only below 35000.
Indicator (4- hour chart)
CCI (14)- Bullish
CCI (50)- Neutral
Average directional movement Index - Neutral
It is good to sell on rallies around 36980-37000 with SL around 37500 for TP of 35000.
